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Advisers working harder for their money: Prudential

Advisers working harder for their money: Prudential

More than a quarter - 27 per cent of financial advisers - are working longer hours, according to research from Prudential.

The research, which was carried out across March 2016 with responses from 206 financial advisers nationwide, showed some advisers work more than two hours extra each day compared with a year ago.

At the other end of the spectrum, one in five - 19 per cent of advisers - say they are currently working fewer hours than a year ago.

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The average hourly rate stands at £157 when it comes to adviser fees.

On average advisers work a 43 hour week, according to the study into the working practices of advisers.

However, one in twenty five advisers - 4 per cent - clocks up more than 70 hours each working week.

Paul Harrison, head of Prudential’s business consultancy for advisers, said the last twelve months have seen an increase in the average number of hours worked each week by advisers.

“Some are clocking up more than two hours extra each day compared with a year ago, with a few even recording a 70-hour working week.

“Previous Prudential research has shown that advisers’ client meetings increasingly act as a new business referral tool, as existing clients recommend them to others.

“This may be linked to the increased hours worked, as advisers work harder to ensure they are delivering the best possible support and advice, fulfilling the needs of their clients.”

ruth.gillbe@ft.com